VEIPX Fees and Costs — Vanguard Equity Income Fund, Investor Shares
Data updated: 2026-08-28
The net expense ratio is 0.26%: a 0.25% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $13.4M in broker commissions, 0.0227% of average net assets, and portfolio turnover was 51%.
VEIPX Fees and Expenses
Annual operating expenses and sales charges of VEIPX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.26% |
| Fee waiver | — |
| Net expense ratio | 0.26% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VEIPX Costs Over Time
On $10,000 invested in VEIPX, assuming 5% a year before costs, total costs come to $179 over 5 years, cutting the return by 0.30% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.26%) | $27 | $86 | $150 |
| Trading costs (broker commissions) | $2 | $7 | $13 |
| Lost growth on money paid in costs | $0 | $5 | $16 |
| Total costs | $30 | $98 | $179 |
| Value after costs | $10,470 | $11,478 | $12,583 |
| Impact on return, per year | 0.30% | 0.30% | 0.30% |
VEIPX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0227%
- Total broker commissions: $13.4M
- Bought from dealers (principal trades, not a cost): $126.4B
- Portfolio turnover (prospectus): 51%
- Securities on loan, average value: $4.4M
- Net income from securities lending: $17K (0.000% of average net assets)
VEIPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $2.0M | 19.85% |
| JPMORGAN CHASE & CO. | $1.4M | 14.09% |
| BANK OF AMERICA CORPORATION | $1.4M | 13.78% |
| THE GOLDMAN SACHS GROUP, INC. | $1.3M | 13.16% |
| CITIGROUP INC. | $898K | 8.79% |
| Royal Bank of Canada | $810K | 7.92% |
| JEFFERIES FINANCIAL GROUP INC. | $722K | 7.06% |
| UBS GROUP AG | $606K | 5.93% |
| BARCLAYS PLC | $514K | 5.03% |
| WELLS FARGO & COMPANY | $449K | 4.39% |
VEIPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Natwest Markets Securities Inc. | $41.5B | 32.87% |
| THE GOLDMAN SACHS GROUP, INC. | $37.6B | 29.72% |
| Nomura Securities International, Inc. | $36.0B | 28.46% |
| Vanguard Market Liquidity Fund | $10.7B | 8.44% |
| JPMORGAN CHASE & CO. | $240.5M | 0.19% |
| BARCLAYS PLC | $207.2M | 0.16% |
| CITIGROUP INC. | $131.2M | 0.10% |
| MORGAN STANLEY | $55.5M | 0.04% |
Vanguard Equity Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VEIRX | Admiral Shares | 0.17% | none |
| VEIPX | Investor Shares | 0.26% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.